Mainland tycoon Si Rongbin (司榮彬) has yet to fill a HK$450 million financing gap before he can close a deal to acquire a controlling stake in debt-laden Asia Television Ltd. from major shareholders David Wong Ben-koon and Wong Ching.
The settlement is supposed to be due on Friday, the Hong Kong Economic Journal reported, citing sources.
Si paid a deposit of about HK$50 million to the old owners in June, pending settlement of the balance and the approval by securities regulators of a private share placement of Co-Prosperity Holdings Ltd. (00707.HK).
The plan was for the listed company to raise funds from a proposed sale of convertible bonds and new shares to Shandong-based investors.
The television station’s former executive director Nick Ip Ka-po has been appointed chief executive of the listed firm, whose shares have been suspended from trading since Oct. 26.
The arrangement, however, might be perceived as an attempt at backdoor listing, which is the subject of a recent crackdown by the Securities and Futures Commission and the Hong Kong Exchanges and Clearing Ltd. (00388.HK).
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